HDFC Asset Management Company (AMC), the subsidiary firm of Housing Development Finance Corporation, is all set to open its public issue for subscription on July 25. The IPO issue will remain open until July 27.
Chairman of HDFC, Deepak Parekh said that this will be the fifth listing within the HDFC group. In a statement he further added, "We have always believed that listing best reflects the value we have created in our key subsidiary and associate companies over the years".
He added "HDFC, along with Standard Life Investments has nurtured HDFC AMC for 18 long years and based on the way we envisage India's future, we thought the time was apt to list the AMC".
The company's board of directors in March had approved to offer up to 85,92,970 equity shares of Rs 5 each of HDFC AMC that represents 4.08% of its existed issued and paid-up capital then, through an offer for sale for the proposed HDFC AMC IPO.
Through the offer, the company plans to raise a total of Rs. 2,800 crore and the price band for the issue is pegged between Rs 1,095 to Rs 1,100 for a share. The minimum bid size for the issue is 13 equity shares and in multiples of 13 shares thereof.